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Barclays to return £10bn to shareholders

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Barclays to return £10bn to shareholders

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Barclays has announced a plan to return £10bn to shareholders over the next three years and rein in costs as chief executive CS Venkatakrishnan attempts to revive the UK bank’s languishing share price.

In a series of changes set out on Tuesday, Barclays also said it would shake up its corporate structure, establishing five divisions spanning retail banking, wealth management and investment banking.

The plans are part of the first major strategy update at Barclays since 2016 and mark the biggest test for Venkatakrishnan since he succeeded Jes Staley in late 2021. Under both CEOs, Barclays’ investment bank has grown rapidly but failed to lift the group’s share price.

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Barclays said the £10bn capital return would come via share buybacks and dividends. Barclays returned £3bn to shareholders last year.

“Our new three-year plan, which we will be announcing at the investor update today, is designed to further improve Barclays’ operational and financial performance, driving higher returns and predictable, attractive shareholder distributions,” said Venkatakrishnan.

Barclays is also planning to keep a tight lid on expenses, aiming for a cost-to-income ratio of 63 per cent this year, down from 67 per cent in 2023. The bank wants the figure to fall to the “high 50s in percentage terms” by 2026, with total group operating expenses of £17bn, slightly higher than the £16.9bn reported for 2023.

The bank’s shares jumped 6 per cent in early trading on Tuesday.

Analysts at JPMorgan Cazenove wrote: “Overall, we think that management’s plans could imply double-digit upgrades to consensus forecasts at face value, but with the plans reliant on revenue growth (including IB), the focus is likely to be on the conviction and details behind the targets, along with confidence in execution.”

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The bank, which has roughly 85,000 employees, is trying to win over investors just as the boost from higher interest rates begins to fade. The Bank of England this month opened the door to cutting interest rates.

Shares of Barclays have fallen by a quarter since Venkatakrishnan took the top job in November 2021.

The bank said on Tuesday that it was aiming for a return on tangible equity of more than 12 per cent in 2026, up from an adjusted 10.6 per cent in 2023.

Following the change in corporate structure, the bank will be managed through five divisions: UK banking, UK corporate banking, private banking and wealth management, investment banking and US consumer banking.

Barclays announced new management for most of those divisions on Tuesday, with the investment bank being co-led by four people.

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Barclays also reported that pre-tax profits for last year fell to £6.6bn from £7bn a year earlier.

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Autopsy finds Cuban immigrant in ICE custody died of homicide due to asphyxia

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Autopsy finds Cuban immigrant in ICE custody died of homicide due to asphyxia

An entrance to Fort Bliss is shown as reports indicate the military will begin to construct temporary housing for migrants on June 25, 2018 in Fort Bliss, Texas.

Joe Raedle/Getty Images North America


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Joe Raedle/Getty Images North America

WASHINGTON — A Cuban migrant held in solitary confinement at an immigration detention facility in Texas died after guards held him down and he stopped breathing, according to an autopsy report released Wednesday that ruled the death a homicide.

Geraldo Lunas Campos died Jan. 3 following an altercation with guards. U.S. Immigration and Customs Enforcement said the 55-year-old father of four was attempting suicide and the staff tried to save him.

But a witness told The Associated Press last week that Lunas Campos was handcuffed as at least five guards held him down and one put an arm around his neck and squeezed until he was unconscious.

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His death was one of at least three reported in little more than a month at Camp East Montana, a sprawling tent facility in the desert on the grounds of Fort Bliss, an Army base.

The autopsy report by the El Paso County Medical Examiner’s Office found Lunas Campos’ body showed signs of a struggle, including abrasions on his chest and knees. He also had hemorrhages on his neck. The deputy medical examiner, Dr. Adam Gonzalez. determined the cause of death was asphyxia due to neck and torso compression.

The report said witnesses saw Lunas Campos “become unresponsive while being physically restrained by law enforcement.” It did not elaborate on what happened during the struggle but cited evidence of injuries to his neck, head and torso associated with physical restraint. The report also noted the presence of petechial hemorrhages — tiny blood spots from burst capillaries that can be associated with intense strain or injury — in the eyelids and skin of the neck.

Dr. Victor Weedn, a forensic pathologist who reviewed the autopsy report for AP, said the presence of petechiae in the eyes support the conclusion that asphyxia caused the death. Those injuries suggest pressure on the body and are often associated with such deaths, he said.

He said the contusions on Lunas Campos’ body may reflect physical restraint and the neck injuries were consistent with a hand or knee on the neck.

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The autopsy also found the presence of prescription antidepressant and antihistamine medications, adding that Lunas Campos had a history of bipolar disorder and anxiety. It made no mention of him attempting suicide.

Government provided changing accounts of what happened

ICE’s initial account of the death, which included no mention of an altercation with guards, said Lunas Campos had become disruptive and staff moved him into a cellblock where detainees are held away from others.

“While in segregation, staff observed him in distress and contacted on-site medical personnel for assistance,” the agency said in its Jan. 9 statement. “Medical staff responded, initiated lifesaving measures, and requested emergency medical services.”

Lunas Campos was pronounced dead after paramedics arrived.

Last Thursday, after Lunas Campos’ family was first informed the death was likely to be ruled a homicide, Department of Homeland Security spokesperson Tricia McLaughlin amended the government’s account, saying he had attempted suicide and guards tried to help him.

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“Campos violently resisted the security staff and continued to attempt to take his life,” she said. “During the ensuing struggle, Campos stopped breathing and lost consciousness.”

After the final autopsy report was released Wednesday, McLaughlin issued a statement emphasizing that Lunas Campos was “a criminal illegal alien and convicted child sex predator.”

New York court records show Lunas Campos was convicted in 2003 of sexual contact with a person under 11, a felony for which he was sentenced to one year in jail and placed on the state’s sex offender registry. Lunas Campos was also sentenced to five years in prison and three years of supervision in 2009 after being convicted of attempting to sell a controlled substance, according to the New York corrections records. He completed the sentence in January 2017.

“ICE takes seriously the health and safety of all those detained in our custody,” McLaughlin said Wednesday, adding that the agency was investigating the death. DHS has not responded to questions about whether any outside law enforcement agency was also investigating.

Deaths put a spotlight on Camp East Montana

The AP reported in August that the $1.2 billion contract to build and operate Camp East Montana, expected to become the largest detention facility in the U.S., was awarded to a private contractor headquartered in a single-family home in Richmond, Virginia. The company, Acquisition Logistics LLC, had no prior experience running a corrections facility and has subcontracted with other companies to help operate the camp.

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It was not immediately clear whether the guards present when Lunas Campos died were government employees or those of a private contractor.

A final determination of homicide by the medical examiner would typically be critical in determining whether any guards are held criminally or civilly liable. The fact that Lunas Campos died on an Army base could limit state and local officials’ legal jurisdiction to investigate.

Lunas Campos was among the first detainees sent to Camp Montana East, arriving in September after ICE arrested him in Rochester, New York, where he lived for more than two decades. He was legally admitted to the U.S. in 1996, part of a wave of Cuban immigrants seeking to reach Florida by boat.

ICE said he was picked up in July as part of a planned immigration enforcement operation due to criminal convictions that made him eligible for removal.

In addition to Lunas Campos, ICE announced that on Dec. 3 an immigrant from Guatemala held in Camp East Montana died after being transferred to a El Paso hospital for care. While the cause of death was still pending, the agency said Francisco Gaspar-Andres, 48, was suspected to have died of liver and kidney failure.

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On Sunday, ICE announced that Victor Manuel Diaz, a 36-year-old immigrant from Nicaragua, died at Camp East Montana on Jan. 14 of a “presumed suicide.” The agency said Diaz was detained by ICE earlier this month during the immigration crackdown in Minneapolis.

Unlike with the two prior deaths, Diaz’s body wasn’t sent to the county medical examiner in El Paso. McLaughlin said Wednesday that the autopsy for Diaz is being performed at the Army medical center at Fort Bliss. DHS again did not respond to questions about whether any agency other than ICE will investigate the death.

Rep. Veronica Escobar, a Democrat whose district includes El Paso, called on DHS Secretary Kristi Noem and acting ICE Director Todd M. Lyons to brief Congress about the recent deaths.

“DHS must preserve all evidence — including halting their effort to deport the witnesses,” Escobar said Wednesday. “I reiterate my call for Camp East Montana to be shut down and for the contract with the corporation running it to be terminated.”

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Dangerous Arctic cold, lake effect snow to grip Michigan through weekend

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Dangerous Arctic cold, lake effect snow to grip Michigan through weekend

Today’s Winter Storm Warning continues for Oceana, Muskegon and Ottawa counties (shown in pink on the map above), with Winter Weather Advisories stretching across most of the southern half of the Lower Peninsula.

Incoming snow could range from 9-12 inches along the Lake Michigan shoreline communities to just 1-3 inches across Southeast Michigan.

Temperatures will moderate a bit today, with some area across the southern tier reaching the low 30s, while the Upper Peninsula inches toward 20 degrees for a daytime high.

After today, all the focus will shift to the extremely cold air mass headed our way. It will be the coldest air of winter, and the coldest air some of us have felt since 2019, forecasters say.

Here are the forecast highlights from the National Weather Service offices across Michigan today:

We will face a potentially life-threatening cold outbreak beginning Thursday night, with temperatures plunging well below zero and wind chills reaching minus 35 degrees or colder across much of the state through Saturday morning.

Light to moderate snow will taper off across southern Michigan this morning, but lake effect snow will return to areas along Lake Superior this afternoon and tonight, bringing three to six inches to the Keweenaw Peninsula and higher terrain.

Winter Weather Advisories are in effect for northern Houghton and Keweenaw counties. The National Weather Service warns that blowing snow and reduced visibility will create hazardous travel conditions, particularly Thursday night through Friday afternoon when widespread 20 mph winds combine with fine, powdery snow.

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The most significant threat arrives Thursday night as the coldest air mass of the season sweeps into Michigan. Temperatures will drop below zero across most of the Upper Peninsula and northern Lower Michigan by Friday morning, with some areas plunging to minus 15 degrees or colder. An Extreme Cold Watch remains in effect for western and central Upper Michigan, where apparent temperatures of minus 25 degrees or colder are likely Saturday morning. Even southern Lower Michigan will see single-digit highs Friday and Saturday, with overnight lows dropping below zero in many interior locations. The bitter cold will persist through at least Sunday morning.

Lake effect snow will continue intermittently through the weekend, though accumulations will be limited by the extremely cold air, which produces very fine snowflakes.

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Video: Air Force One Turns Around With Trump Aboard

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Video: Air Force One Turns Around With Trump Aboard

new video loaded: Air Force One Turns Around With Trump Aboard

Air Force One turned around while carrying President Trump due to a “minor electrical issue,” an official said. Trump was on his way to Davos, Switzerland, for the World Economic Forum.

By Shawn Paik

January 21, 2026

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